Scott Matherson
Bitcoin has continued to trade sideways since hitting a new all-time high (ATH) of $73,750. That has raised concerns that BTC’s bullish momentum in this bull run may be shortlived. However, crypto analyst Lark Davis has outlined reasons why BTC’s price will keep soaring till the remainder of the year.
Why 2024 Is A Bullish Year For Bitcoin
In a video posted on his X (formerly Twitter) platform, Davis revealed that two other events, besides the Bitcoin Halving, will push the bull market even further and cause BTC’S price to keep rising. For the first, he highlighted that the stock market performs positively 83% of the time in an election year.
While recognizing that this factor usually pertains to stocks, he noted that BTC has become part of Wall Street (with the Spot Bitcoin ETFs and institutional interest). He further claimed that BTC is moving in line with traditional markets. Therefore, Bitcoin’s price, like the stock market, could continue to react positively ahead of the US election in November.
The second event he mentioned is a potential cut in interest rates based on Goldman Sach’s prediction. The investment bank predicted that there will be three rate reductions this year, with the first likely to come in June. This means that investors will have more capital to invest in risk assets like Bitcoin and other crypto assets.
An injection of more liquidity into the crypto market could potentially spark a remarkable surge in BTC’s price. This is evident in how much the flagship crypto’s price skyrocketed following the launch of the Spot Bitcoin ETFs, which ushered in new money from institutional investors.
BTC’s Bullish Momentum To Extend To 2025
Crypto analyst PlanB, in his recent analysis, also showed why fears of a short-lived bull season may be unfounded. According to the analyst, the BTC top will not come until sometime in 2025. Interestingly, he predicted that Bitcoin could rise to $1 million at the peak of the bull market.
Meanwhile, PlanB stated that Bitcoin rising to $100,000 and even higher this year is “inevitable,” which aligns with Davis’ prediction that 2024 will be a bullish year for BTC. The analyst also tried to allay fears about Bitcoin’s price action, remarking that sharp price corrections are normal even in a bull market and don’t mean the bull cycle is over.
At the time of writing, Bitcoin is trading at around $67,600, up over 3% in the last 24 hours according to data from CoinMarketCap.
BTC bulls struggle to hold up price | Source: BTCUSDT on Tradingview.com
Featured image from Capital.com, chart from Tradingview.com
